“To begin with there are the investors who have been yanking money out of stock mutual funds at a nearly unprecedented pace. There have been outflows eight of the last nine weeks, according to AMG Data Services. In the week ended July 17 investors pulled $10.7 billion from funds — the second-worst week for mutual fund outflows on record. ”

“More than half of the money that’s flowed into mutual funds since 1982 (the beginning of the bull market in stocks) came beginning in 1997. With the benchmark S&P 500 at lows not seen since May 1997 that money is at best dead in the water and at worst deeply under it. ” (emphasis added)